USD/CAD Price Analysis: Remains confined in a multi-day old trading range, below 1.3100 mark

USD/CAD regains some positive traction but the upside remains capped.
Traders are likely to remain on the sidelines ahead of BoC on Wednesday.

Haresh Menghani FXStreet

The USD/CAD pair held on to its mildly positive tone through the early North-American session on Tuesday, albeit struggled to make it through the 1.3075-80 strong horizontal resistance.

The mentioned barrier marks the top end of the recent trading range held over the past one week or so, which seemed to constitute towards the formation of a rectangle on the daily chart.

The lower end of the mentioned trading range coincides with the 23.6% Fibonacci level of the 1.3323-1.2943 downfall and should now act as a key pivotal point for short-term traders.

On the upside, any attempted positive move might continue to confront some fresh supply around the 1.3100 round-figure mark – also nearing the 38.2% Fibo. level – and cap gains.

A sustained break through the mentioned handle might prompt some aggressive short-covering move and lift the pair further towards 61.8% Fibo. level resistance near the 1.3175-80 region.

Meanwhile, oscillators on hourly charts have been gaining some positive traction but are yet to catch up with the recent bounce on the daily chart and warrant caution for aggressive traders.

Hence, it will be prudent to wait for a sustained break through the said trading range before positioning for the pair's next leg of a directional move ahead of the BoC policy update on Wednesday.

USD/CAD daily chart

USD/CAD

Overview
Today last price	1.3065
Today Daily Change	0.0019
Today Daily Change %	0.15
Today daily open	1.3046

Trends
Daily SMA20	1.3049
Daily SMA50	1.3157
Daily SMA100	1.3183
Daily SMA200	1.3239

Levels
Previous Daily High	1.3074
Previous Daily Low	1.3043
Previous Weekly High	1.3081
Previous Weekly Low	1.3031
Previous Monthly High	1.3322
Previous Monthly Low	1.2951
Daily Fibonacci 38.2%	1.3055
Daily Fibonacci 61.8%	1.3062
Daily Pivot Point S1	1.3035
Daily Pivot Point S2	1.3023
Daily Pivot Point S3	1.3004
Daily Pivot Point R1	1.3066
Daily Pivot Point R2	1.3085
Daily Pivot Point R3	1.3097

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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